Dubai Firm To Acquire Major Share of Diamond Aircraft
Medrar Financial Group of Dubai and Diamond Aircraft Holdings of London, Ontario, signed an agreement yesterday at the Dubai Air Show for Medrar’s acquisition of a majority interest in Diamond. The agreement does not affect Diamond Aircraft Gmbh in Austria. A spokesperson told AIN the value of Medrar’s investment in Diamond is “undisclosed.” The agreement includes Diamond’s gasoline-powered piston airplanes, as well as its in-development single-engine D-Jet. “The current state of the economy highlights the need and potential for aircraft like the D-Jet,” said Medrar CEO Jamil Marmarchi. “As a specialized asset management and investment firm, Medrar will ensure the company’s capital needs are met and Diamond continues to lead the industry with emphasis on enhancing the D-Jet market status. We are excited not only by the D-Jet, but also by the derivative models to follow.” Marmarchi also said Medrar is “equally bullish about the future potential of [Diamond’s] piston aircraft.” Diamond Group chairman Christian Dries said Medrar is “a capable partner supporting our future growth and our existing business.” A cash crunch forced Diamond to suspend the D-Jet program in late March. The company restarted the jet program in September, after announcing it had secured an agreement for a fresh capital infusion.